In a significant move toward boosting oil palm cultivation and reducing India’s dependency on oil palm imports, Godrej Agrovet Limited’s oil palm business vertical has announced plans to establish an integrated palm oil complex in Telangana. The complex will be located in the Khammam district and will encompass a crude palm oil mill with the potential addition of a refinery in the near future.
With over three decades of expertise in the oil palm industry, Godrej Agrovet will also create a nursery capable of producing up to 7 lakh saplings annually. This addition will complement the existing seed production and research unit, as stated in a press release issued by the company on Saturday.
Telangana’s ambitious oil palm mission aims to cultivate 20 lakh acres of oil palm across the state. This mission not only promises to boost the income of over 5 lakh farm households but also contributes to the nation’s edible oil self-sufficiency. KT Rama Rao, Minister for Municipal Administration and Urban Development, Industries and Commerce, and Information Technology in Telangana, expressed optimism about the project, saying, “Along with being the rice bowl for the country, Telangana is all set to become the largest edible oil producer in India. We are delighted to partner with a strong and reliable partner like Godrej Agrovet in this endeavor. Their expertise in the oil palm sector will definitely help us achieve our goals of unleashing a yellow revolution.”
At the heart of this complex, Godrej Agrovet will establish a seed garden in India. This seed garden is expected to provide seeds for the planting of 90,000 acres, aiding Telangana in meeting its oil palm plantation targets.
Balram Singh Yadav, Managing Director of Godrej Agrovet, expressed gratitude to the Government of Telangana, stating, “We are thankful to the Government of Telangana for creating an eco-system and giving us an opportunity to contribute to the nation’s journey of reducing its dependency on oil palm imports in the coming years.”
The company plans to invest Rs 300 Crore over the next 3-4 years to set up this integrated palm oil complex. Currently, with 65,000 hectares of palm oil under cultivation across the country, Godrej Agrovet has ambitions to increase this to 1.2 lakh hectares by 2027.
This development follows Godrej Agrovet’s allocation of approximately 47,000 acres of land in Telangana’s Sangareddy district earlier this year for oil palm plantation, as granted by Telangana’s Department of Agriculture and Cooperation (Horticulture and Sericulture).
The Telangana government has committed to allocating Rs 1,000 crore in the 2023-24 budget for oil palm cultivation, aiming to extend the cultivation of oil palm across 20 lakh acres in the state. India, being the world’s second-largest consumer and top vegetable oil importer, stands to benefit from this initiative, potentially reducing its reliance on oil palm imports in the future.
Source: (EconomicTimes)